09:04 AM EDT, 05/29/2024 (MT Newswires) -- US equity futures look set for a lower open on Wall Street Wednesday as traders turn risk-averse amid rising bond yields.

Dow Jones Industrial Average futures declined 0.7%, S&P 500 futures fell 0.7%, and Nasdaq futures were down 0.8%.

Yield on the US 10-Year Treasury was recently up by more than 2 basis points at around 4.572%.

Friday's report on personal income and outlays includes the core personal consumption expenditure price index, which is the Federal Reserve's preferred gauge of inflation.

Oil prices were higher, with front-month global benchmark North Sea Brent crude and US West Texas Intermediate crude both up around 0.6%, on expectations that major producers will extend voluntary output cuts. Members of the Organization of the Petroleum Exporting Countries and their allies are expected to meet on Sunday.

The Richmond Fed's manufacturing index, due at 10 am ET, is expected to come in at minus 6 in May following a minus 7 reading in April, according to estimates compiled by Bloomberg.

In other world markets, Japan's Nikkei closed 0.8% lower, Hong Kong's Hang Seng ended 1.8% lower, while China's Shanghai Composite finished 0.05% higher. Meanwhile, UK's FTSE 100 declined 0.5%, and Germany's DAX index fell 0.9% in Europe's early afternoon session.

In equities, shares of American Airlines ( AAL ) were more than 9% lower pre-bell after the carrier slashed its Q2 earnings guidance.

On the winning side, Dick's Sporting Goods (DKS) shares rose 8% after the company reported fiscal Q1 adjusted earnings and sales that topped analysts' estimates, and lifted its 2024 outlook. Surmodics ( SRDX ) shares advanced 20% after the company agreed to a $627 million takeover offer from GTCR.